External auditors are required to report illegal acts to the appropriate governmental agency within 30 days of finding them.

Question

Quizplus · Accepted Answer

External auditors are primarily responsible for reporting their findings to the company's management and its audit committee. While they may have a duty to report certain illegal acts, especially those affecting financial statements, to regulatory or governmental bodies, there is no universal requirement specifying a 30-day reporting window. Reporting obligations can vary by jurisdiction and the nature of the illegal act.

External Auditors Are Required to Report Illegal Acts to the Appropriate